Working on behalf of Zucker Properties, HFF has closed the sale of a luxury student housing property which serves the University of Texas at Austin (UT Austin).
Villas on 26th features 182 beds across 49 units, 97 percent of which are larger, three- to six-bedroom floor plans. The residential units average 1,591 square feet in size. Arrimus Capital purchased the property free and clear of existing debt. The asset, which is currently 90 percent preleased for the coming 2019-20 academic year, has remained 100 percent occupied since it opened.
The HFF investment advisory team was led by Director Ryan McBride and Senior Managing Director Doug Opalka.
Located 800 W. 26th St., within walking distance from the UT Austin campus, Villas on 26th was completed in 2014. The property is situated at the center of the university’s West Campus student housing market, putting it within steps of more than four dozen retail, dining and entertainment options.
Residences feature Savant smart home automation systems, 60-inch high-definition TVs, Apple TVs, Polk surround-sound speakers and in-wall iPad touch screens.
Larger units at Villas on 26th include private in-home movie theaters with 110-inch projection screens. Units incorporate condominium-quality features and finishes, among them custom stone countertops, stainless steel appliances, designer lighting, hardwood-style flooring, walk-in closets and in-unit washers and dryers. The amenity suite features a mezzanine-level swimming pool-sized hot tub, 24-hour fitness center, multiple outdoor patios with TVs, UT Tower perspectives and multi-level underground parking.
Just last month, Nelson Partners Student Housing paid $100 million for Skyloft, a 2018-built student housing community located one block from the University of Texas in Austin.